Here are the key changes to know about in the New Zealand equity market; NZX50 starts week +0.2% higher; Gentrack, Infratil, Vital Healthcare, and Spark rise, Napier Port, Tower, Channel Infrastructure, and Kathmandu retreat

Here are the key things you need to know about in the NZX markets over the past 24 hours. Changes are as at 3:00 pm and may change when the market closes at 4:45 pm.

WHAT THE NZX 50 INDEX IS DOING
The NZX50 opened the week with a +0.2% gain, lifting +1.3% over the past five days. The index is up +5.8% in the last six months and +4.9% year-on-year.

THE MAIN GAINERS
There were 36 gainers, led by Gentrack (GTK, #29) up +4%, though its share price is still down -5% year-on-year. Infratil (IFT, #4) gained +2%, extending a +17% rise over six months and up +3% year-on-year. Vital Healthcare Property (VHP, #23) rose +2%, up +14% year-on-year, while Spark (SPK, #11) also advanced +2%, up +17% year-to-date but still down -26% annually.

THE MAIN DECLINERS
Decliners outnumbered risers, with 47 stocks lower. Napier Port Holdings (NPH, #38) slipped -2% but remains up +16% over six months and +32% year-on-year. Tower Limited (TWR, #40) dropped -2%, though it has gained +42% over the past year. Channel Infrastructure (CHI, #32) fell -2%, despite being up +9% for the month and +35% annually. Kathmandu (KMD, #50) also lost -2%, down -48% year-on-year despite recent short-term gains.

SMARTSHARES EFTs

KEY ANNOUNCEMENTS
Tourism Holdings (THL, #42) has announced further changes to its Australian Retail Sales division, including exiting its standalone Sydney RV Super Centre and Kratzmann RV Super Centre dealerships in Sydney and Brisbane. The company has recently rationalised its product portfolio, consolidated brands, and moved to cut inventory levels. CEO Grant Webster said the exits will reduce overheads and limit exposure to the wider RV sales market while keeping a sales presence through rental operations, with a stronger focus on higher-margin ex-fleet sales. THL is also reviewing the division’s structure to align with its smaller footprint and will run an asset sale process for the two dealerships.

Heartland Group Holdings (HGH, #33) has set the strike price for shares issued under its Dividend Reinvestment Plan at 0.92856675 per share, in lieu of the cash dividend payable on 12 September 2025. The price was calculated as the volume weighted average sale price of Heartland shares traded on the NZX Main Board over the five trading days following the 29 August 2025 record date.

Investore Property (IPL, #47) has announced a $114 mln acquisition of Silverdale Centre, subject to shareholder approval at a 20 October special meeting, alongside proposed amendments to its management agreement with Stride Investment Management and a $62.5 mln convertible notes offer to strengthen capital management. The Silverdale Centre, anchored by Woolworths and The Warehouse with 39 tenants, is expected to settle on 31 October if approved. Investore has also secured a $100mln increase in bank facilities to support the deal. The notes, paying fixed quarterly interest over four years, will convert into ordinary shares in 2029 unless Investore opts for a cash payment.

Stride Property Group (SPG, #37) has announced that Stride Property Limited (SPL) has conditionally agreed to sell the Silverdale Centre to Investore Property Limited (Investore) for $114 mln, representing 20% capital growth since March 2020 and a yield of 6.8%, subject to Investore shareholder approval on 20 October 2025. The sale proceeds will initially reduce SPL’s bank debt, lowering its LVR from 39% to an estimated 32%, and Investore may require seismic strengthening works of up to $800,000. 

EBOS Group Limited (EBO, #8) will be added to the S&P/ASX200 Index, effective 22 September 2025, according to an announcement from S&P Dow Jones Indices on the ASX.

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